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WCOA/WCOB

WisdomTree Enhanced Commodity UCITS ETF - USD Acc

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The WisdomTree Enhanced Commodity UCITS ETF - USD (the “Fund”) seeks to track the performance, before fees and expenses of the Optimised Roll Commodity Total Return Index (the "Index"). The Fund also aims to outperform the Bloomberg Commodity Index TR over the long term. The Fund invests in US Treasury Bills and uses total return swaps to deliver the Index performance. The swaps are collateralised on a daily basis and reset monthly. Learn more about the Index that WCOA/WCOB is designed to track.

 

Why invest?

  • Gain broad exposure to commodities as an asset class
  • Potential to lower overall portfolio volatility in periods when commodities are negatively correlated with equities and bonds
  • Innovative dynamic roll process designed to minimise long term costs of holding commodity exposures

RISK WARNING

The price of any Shares or the value of an investment in ETPs may go up or down and an investor may not get back the amount invested. Past performance is not a reliable indicator of future performance. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy.

WCOA/WCOB INFORMATION AND RESEARCH

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Fund Overview
Dividend Frequency N/A
Use of Income Accumulating
Base Currency USD
Inception Date 27 Apr 2016
Asset Class Commodity
Exchange Ticker WCOA/WCOB
Index Name Optimised Roll Commodity Total Return Index
TER 0.35%
Annual Swap Rate 0.35%
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Net Asset Value 20 Sep 2017
NAV $10.51
Daily Change $0.08
Daily Return 0.77%
Total AUM of fund $54,915,329.83
Structure
Replication Method US TBills With Swap Overlay
Legal Form Plc
Fund Umbrella WisdomTree Issuer Plc
Domicile Ireland
Structure Open-ended Exchange Traded Fund
Financial Year End 31 December
UCITS Compliant
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Key Service Providers
Custodian State Street Custodial Services (Ireland) Limited
Administrator State Street Fund Services (Ireland) Limited
Fund Manager Assenagon Asset Management S.A
Trustee State Street Custodial Services (Ireland) Limited
Auditor Ernst & Young Ireland
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Registered Countries
Finland
Germany
Ireland
Italy
Netherlands
Sweden
United Kingdom

Listings & Codes

Listings & Codes
Country
Exchange London Stock Exchange
Trading Currency GBx
Exchange Ticker WCOB
Bloomberg Ticker WCOB LN
RIC WCOB.L
SEDOL BDD9Q40
ISIN IE00BYMLZY74
WKN
INAV Bloomberg
INAV Reuters
Listing Date 04 May 2016
Country
Exchange London Stock Exchange
Trading Currency USD
Exchange Ticker WCOA
Bloomberg Ticker WCOA LN
RIC WCOA.L
SEDOL BDD9Q28
ISIN IE00BYMLZY74
WKN
INAV Bloomberg WCOAUIV
INAV Reuters
Listing Date 04 May 2016
Country
Exchange Xetra
Trading Currency EUR
Exchange Ticker WTIC
Bloomberg Ticker WTIC GY
RIC WTIC.DE
SEDOL BDCNYY9
ISIN DE000A2AE1R9
WKN
INAV Bloomberg WCOAEIV
INAV Reuters
Listing Date 09 Jun 2016
Country
Exchange Borsa Italiana
Trading Currency EUR
Exchange Ticker WCOA
Bloomberg Ticker WCOA IM
RIC WCOA.MI
SEDOL BYY7M20
ISIN IE00BYMLZY74
WKN
INAV Bloomberg WCOAEIV
INAV Reuters
Listing Date 09 Jun 2016
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Top Holdings

Top Holdings
Name 1. US Treasury Bill 10/19/2017
Bloomberg Ticker 912796LY3
Country US
Weight 8.69%
Name 2. US Treasury Bill 11/16/2017
Bloomberg Ticker 912796MC0
Country US
Weight 8.27%
Name 3. US Treasury Bill 10/26/2017
Bloomberg Ticker 912796LZ0
Country US
Weight 8.23%
Name 4. US Treasury Bill 02/22/2018
Bloomberg Ticker 912796NT2
Country US
Weight 8.22%
Name 5. US Treasury Bill 2/8/2018
Bloomberg Ticker 912796NR6
Country US
Weight 8.17%
Name 6. US Treasury Bill 10/12/2017
Bloomberg Ticker 912796KR9
Country US
Weight 8.11%
Name 7. US Treasury Bill 11/02/2017
Bloomberg Ticker 912796MA4
Country US
Weight 7.97%
Name 8. US Treasury Bill 09/28/2017
Bloomberg Ticker 912796LV9
Country US
Weight 6.18%
Name 9. US Treasury Bill 10/05/2017
Bloomberg Ticker 912796LW7
Country US
Weight 5.62%
Name 10. US Treasury Bill 9/21/2017
Bloomberg Ticker 912796LU1
Country US
Weight 5.49%
Holdings are subject to change without notice.
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Country Allocation

Country Allocation
Country
20 Sep 2017
Weight
1. United States 100.00%
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Sector Breakdown

Sector Breakdown
Name
20 Sep 2017
Weight
1. Government Bonds 99.26%
2. Swap 0.74%

Recent Distributions

Recent Distributions
There have been no recent distributions for this fund.
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German Taxes

German Taxes
WM ID925
Valuation Date
Income Aktien
Income Zwish
Income IG
Aktiengewinn KStG
Accum Deemed Distrib

Collateral

Collateral 20 Sep 2017
Collateral Coverage Ratio 114.7%
Collateralised Yes
Over Collateralised Yes
Custodian State Street Custodial Services (Ireland) Limited
Documents 20 Sep 2017

Collateral Holding

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Fund and Collateral Structure

Replicating Exposure to Commodities Through a Swap

 

The fund aims to track the Enhanced Roll Commodity Index (the “Index”) by holding a portfolio of short-terms US T-Bills and achieving exposure to commodities by entering into unfunded swap arrangements (“Swaps”) with highly rated swap counterparties. The Fund’s portfolio is composed of:

 

- A portfolio of 91-day US T-Bills acquired with subscription proceeds

- Swaps, passing the performance of the Index (from swap counterparties to Fund if performance is positive, the other way around if negative)

 

Structure Diagram

 

WisdomTree Enhanced Commodity Structure Diagram

 

Counterparty Risk Management

 

Counterparty risk is managed mainly through the daily exchange of collateral between the fund and the swap provider(s). The value of the collateral required is based on a daily calculation of counterparty exposure using the prior day’s mark-to-market of the Swaps and any unsettled cash flowing between the fund and the swap provider.

 

Assets posted as collateral may only include cash (US Dollars only) or government bonds of US, UK, France or Germany, with a minimum rating of AA-/Aa3 (“eligible collateral assets”). When valuing the bonds posted as collateral, a haircut is applied to each bond's value based on the issuing country and the bond's maturity, as specified in the following table. Applying a haircut to the value of eligible collateral typically results in the collateral value exceeding the counterparty exposure and in any exposure being “over-collateralised”.

 

Haircuts / Over-Collateralisation Applied to Collateral Securities

 

 

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Index Details

Optimised Roll Commodity Total Return Index

The Index is a US Dollar denominated index whose main objective is to provide a broad and diversified UCITS compliant commodity exposure, covering four broad commodity sectors: Energy, Agriculture, Industrial Metals and Precious Metals. The Index uses futures to track the performance of the individual constituents of the Bloomberg Commodity Index TR (a basket of 22 commodities).The Index employs a rule based approach for each of its components when it 'rolls' from one futures contract to another for each commodity in the Index. Rather than selecting the new future based on a predefined schedule (e.g. monthly) the Index rolls to the future which generates the maximum implied roll yield. The Index aims to maximise the potential roll benefits in backwardated markets and minimise the loss from rolling down the curve in contango markets.

 

 

Source: WisdomTree & BNP, as of 31st of August 2017

Index Details

Index ID Card
Index Name Optimised Roll Commodity Total Return Index
Currency USD
Index Provider WisdomTree
Bloomberg Ticker EBCIWTT
Leverage Factor N/A
Leverage Method No Leverage
Documents and Links

Index Methodology EBCIWTE

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Product

Regulatory

Prospectus

Dealing Calendar

KIID

DISCLAiMERS

“WisdomTree” is a registered trademark of WisdomTree Investments, Inc. Neither the Company, the Manager, the Investment Manager, WisdomTree nor their affiliates guarantee the accuracy or the completeness of the Index or any data included therein and shall have no liability for any errors, omissions or interruptions therein. Such parties make no warranty, express or implied, to the owners of Shares of the Fund or to any other person or entity, as to results to be obtained by the Fund from the use of the Index or any data included therein. Without limiting any of the foregoing, in no event shall such parties have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits), even if notified of the possibility of such damages.The Company is required to provide details of WisdomTree’s website to enable Shareholders to obtain further details of the Index (including its constituents).  Neither the Company, the Manager nor the Investment Manager has any responsibility for the contents of such website and are not involved in any way in sponsoring, endorsing or otherwise involved in the establishment, maintenance or contents of the website. 

The methodology of and rules governing the index (the "Index Methodology" and the "Index") are proprietary and shall not be reproduced or disseminated without the prior written consent of the “Index Sponsor” (as defined in the “Index Rules” available on http://www.wisdomtree.eu/home).None of the Index Sponsor, the index calculation agent (where such party is not also the Index Sponsor, the "Index Calculation Agent") nor, where applicable, the index Investment Advisor (the "Index Investment Advisor") guarantee that there will be no errors or omissions in computing or disseminating the Index. The Index Methodology is based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor, the Index Calculation Agent and, where applicable, the Index Investment Advisor, and may have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. You have no authority to use or reproduce the Index Methodology in any way, and neither the Index Sponsor nor any of its affiliates shall be liable for any loss whatsoever, whether arising directly or indirectly from the use of the Index or Index Methodology or otherwise in connection therewith. The Index Sponsor reserves the right to amend or adjust the Index Methodology from time to time in accordance with the rules governing the Index and accepts no liability for any such amendment or adjustment. Neither the Index Sponsor nor the Index Calculation Agent are under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or interruption in the calculation thereof which is made in accordance with the rules governing the Index. None of the Index Sponsor, the Index Calculation Agent nor, where applicable, the Index Investment Advisor accept any liability in connection with the publication or use of the level of the Index at any given time. The Index Methodology embeds certain costs in the strategy which cover amongst other things, friction, replication and repo costs in running the Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by the Index Sponsor acting in a commercially reasonable manner. The Index Sponsor and its affiliates may enter into derivative transactions or issue financial instruments (together, the "Products") linked to the Index. The Products are not in any way sponsored, endorsed, sold or promoted by the sponsor of any index component (or part thereof) which may comprise the Index (each a "Reference Index") that is not affiliated with BNP Paribas (each such sponsor, a "Reference Index Sponsor"). The Reference Index Sponsors make no representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Index and/or the levels at which the relevant Reference Index stands at any particular time on any particular date or otherwise. No Reference Index Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in the relevant Reference Index and the relevant Reference Index Sponsor is under no obligation to advise any person of any error therein. None of the Reference Index Sponsors makes any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the Products. The Index Sponsor and its affiliates have no rights against or recourse to any Reference Index Sponsor should any Reference Index not be published or for any errors in the calculation thereof or on any other basis whatsoever in relation to any Reference Index, its production, or the level or constituents thereof. The Index Sponsor and its affiliates shall have no liability to any party for any act or failure to act by any Reference Index Sponsor in connection with the calculation, adjustment or maintenance of the relevant Reference Index and have no affiliation with or control over any Reference Index or the relevant Reference Index Sponsor or the computation, composition or dissemination of any Reference Index. Although the Index Calculation Agent will obtain information concerning each Reference Index from publicly available sources that it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Index Sponsor or any of its affiliates nor the Index Calculation Agent as to the accuracy, completeness and timeliness of information concerning any Reference Index. The Index Sponsor and/or its affiliates may act in a number of different capacities in relation to the Index and/or products linked to the Index, which may include, but not be limited to, acting as market-maker, hedging counterparty, issuer of components of the Index, Index Sponsor and/or Index Calculation Agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product.